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Individual loans

Individual loans are designed to provide clients with financing for the necessities of a sustainable lifestyle through financing the following social needs (Home improvements, Education, Healthcare, Marriage, Vehicles licensing and Maintenance, and Energy system).

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Loan Amount : 300 – 2,000 JOD

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Grace Period : Not applicable

Payment Date

Payment Date : 1st of each month

Loan Term

Loan Term : 6 - 24 Months (according to loan amount)

One-time commission for credit granting

One-time commission for credit granting : 1% of granting credit for the loans less than 1,000 JOD, and 1%+10 JOD of granting credit for the loans amount between 1,000-10,000 JOD

Late payment commission

Late payment commission : 0.25JOD/day for monthly payment less than 50 JOD, 0.5JOD\day for monthly payment between 50-200 JOD, 1JOD\day for monthly payment between 200-400 JOD

Annual interest rate

Annual interest rate:

For the first time: declining interest rate/annual of 38% which is equivalent to fixed interest rate/annual of 22.8%

In case of renew for the second time: declining interest rate/annual of 35.8% which is equivalent to fixed interest rate/annual of 21%

In case of renew for the 3rd time or more: declining interest rate/annual of 31.8% which is equivalent to fixed interest rate/annual of 18%

- Declining interest rate is indicative, the rate depends on the tenor of the loan.

Loan Purposes

Loan Purposes : Social needs (Home improvements, Education, Healthcare, Marriage, LTRC Permit issuance, Vehicles licensing and Maintenance)

Insurance Solutions

Insurance Solutions : Customers' lives are insured through a bond or security service - upon the customer's request - in accordance with the terms and conditions of the services provided.

* All kind of loans are subject to Stamps Fees Law and Sales Tax Law.

* Includes all persons as long as they are in full legal capacity and in line with the company’s policy and provisions.

* The company is obliged to grant funding only for legal purposes, and the fund is not granted for any kind of illegal purposes or purposes that entail environmental and social impact.

*Terms and conditions apply.

*The company is an insurance agent for the Jordanian Insurance Company and its registration number with the Central Bank of Jordan is 0022/01/5/20.

A customer obtained financing worth 1,539.878 JOD from Tamweelcom Company, with the financing being repaid over 24 months with a decreasing/annual interest rate of 39.07%, which is equivalent to a fixed/annual interest rate of 22.8%.

1. What is the value of the total interest accrued on the financing?

The interest due before the first installment is due is (6,607) plus 3% sales tax.

Total interest value on financing = 702,184 JOD, plus 3% sales tax

The value of import stamps on the contract = 6 JOD

The value of a one-time credit granting commission = 25,399 JOD, plus 3% sales tax

Other services: “Sanad” insurance service upon customer request, subject to the company’s terms and conditions = 1.5 JOD per month

2. What is the value of the monthly installment that must be paid (principal, interest, and sales tax on the interest)

The value of the monthly installment for the first payment: 102,628 JOD

The value of the monthly installment for the remaining payments: 95,500 JOD, including the principal, interest, and sales tax on the interest.

3. How to calculate the effective interest rate (EIR) for the loan

The effective interest rate (EIR) = (1+IRR)12 - 1

The Internal rate of return (IRR) calculated using Microsoft Excel by using the equation of IRR:

Value field: enter all the cash flows (plus and minus)

Guess field: (represents the expected income): enter 0

IRR = 0.03508

Which represent the Monthly Effective rate

The effective interest rate (EIR) calculated by substitute the IRR in the following equation:

The effective interest rate (EIR) = (1+IRR)12 - 1

The effective interest rate (EIR) = 55.724%

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